天味食品：盈利能力持续改善，食萃增长动能充足

Investment Rating - The report maintains an "Outperform" rating for the company [16][15][8] Core Views - The company achieved a revenue of 3.149 billion yuan in 2023, representing a year-on-year growth of 17.02%, and a net profit attributable to shareholders of 457 million yuan, up 33.65% year-on-year [18][8] - In Q1 2024, the company reported a revenue of 853 million yuan, a year-on-year increase of 11.34%, and a net profit of 176 million yuan, growing 37.20% year-on-year [18][8] - The growth in online channels, particularly from the "Shicui" brand, significantly contributed to revenue growth, with online sales increasing by 101.2% [5][8] - The company's gross margin improved by 3.4 percentage points to 44.1% in Q1 2024, driven by business structure optimization and declining raw material prices [19][8] - The employee stock ownership plan aims for a revenue growth target of at least 10% for 2024 and 26.5% for 2025, reflecting the company's commitment to sharing growth with employees [5][8] Financial Forecasts - The company is projected to achieve total revenue of 3.627 billion yuan in 2024, with a year-on-year growth of 15.2%, and a net profit of 551 million yuan, up 20.7% [2][8] - The earnings per share (EPS) is expected to be approximately 0.52 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 26.5 [2][8] - The company plans to continue expanding its distribution network, with an increase of 18 new distributors in Q1 2024, bringing the total to 3,183 [5][8]